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Glencore Xstrata: Tough times for merged mining giant

20 August 2013 Last updated at 22:03 BST

Newly-formed mining giant Glencore Xstrata has written down the value of Xstrata's assets by $7.7bn (£4.9bn), and reported a drop in revenues.

The firm, which was created in May, said the write-down reflected tougher conditions in the mining sector.

Revenues in the first half of 2013 fell 2% to $121.4bn. The firm recorded an $8.9bn loss due to the write-downs.

Tanya Beckett has more details.